UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2017

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1 UNIVERSITY OF NORTHERN COLORADO: FINANCIAL REPORT 03/31/2017 OVERVIEW Financial highlights of the fiscal year rd quarter financial report are summarized below: Cash (pages 2-3) The University s cash position is $69.9 million with $23.2 million in centralized reserves. Reserves (page 4) Reserves are currently $23.2 million, with $14.5 million in the university reserve after funding FY17 strategic investments and FY17 capital projects. Accounts Receivable (page 5) The 3 rd quarter net accounts receivable is $8.3 million, which is $1.5 million higher than last year at this time. The timing of receivables can vary noticeably from year to year. The most consistent benchmark is the fiscal year-end. Trend information is shown in Tables 4 and 5. Operating (page 6) The fiscal year operating budget 3 rd quarter forecast shows operating results of $4.6 million before internal transfers of UNC Foundation capital gifts and student capital fees. Operating results less transfers is ($2.2) million. Details of revenues, expenditures and transfers are forecasted as follows: o Net revenue - $194.6 million Gross tuition, fees and room & board - $160.8 million Discounting - $34.2 million State appropriations - $39.1 million Foundation support - $11.7 million All other revenue - $17.2 million (catering, conferences, parking, athletics, theater, etc.) o Personnel expenditures - $132.9 million o Non-personnel expenditures - $45.1 million o Debt payments for bonds and capital leases - $12.0 million o Transfer of restricted Foundation and other operating funds to the capital budget - $3.2 million o Transfer of student capital fee funds to the capital budget - $3.6 million Page 1

2 CASH Total cash as of March 31, 2017, is $69.9 million. Figure 1 shows amounts available for operating, strategic investments, capital projects and reserves. FY18 strategic investments and capital projects are funded from reserves in July. Campus Commons bond proceeds of $27.3 million are not included in the cash balances in Figure 1. Figure 1. Cash Balance at March 31, 2017 The cash flow trend has been relatively consistent over the last four years, as shown in Figure 2. The low point during the year has traditionally occurred in mid-august and is a good point for benchmarking purposes. This is noted with the letter A in the graph. Consistent with the University s Fiscal Sustainability Plan, we anticipate net cash outflows in both FY17 and FY18. Figure 2. Annual Cash Flow Trend Page 2

3 The University s cash position is $2.5 million more than the previous fiscal year at this time, as shown in Table 1. We received $6.6 million in cash in February from the sale of University Apartments. Table 1. Overall Cash Balance Month FY13 FY14 FY15 FY16 FY17 Jul 63,687,414 62,564,780 52,203,773 37,814,641 29,249,252 Aug 15 58,163,368 56,778,921 48,277,445 39,776,437 27,569,804 Aug 86,041,929 75,042,476 63,727,315 54,843,178 45,569,608 Sep 100,224,416 87,172,851 67,633,545 69,407,889 62,576,984 Oct 92,027,359 79,928,173 77,000,173 57,813,291 56,504,939 Nov 82,859,466 78,689,806 67,829,386 57,080,941 45,297,668 Dec 76,860,713 71,509,152 61,966,401 50,684,129 40,268,950 Jan 101,228,767 97,526,719 86,298,922 76,476,844 66,080,438 Feb 104,469,317 94,867,317 86,539,392 85,070,248 79,274,077 Mar 99,487,663 88,777,015 79,278,071 67,433,066 69,900,428 Apr 92,693,707 65,053,621 71,527,719 57,968,958 May 78,621,639 65,053,621 58,214,450 48,614,786 Jun* 80,640,709 70,241,267 61,721,397 46,873,470 *The June balance in 2014 was updated for the GASB 31 FMV adjustment. The University also has Campus Commons bond proceeds of $27,346,200. It is not included in the cash table for comparative purposes. The cash forecast below is intended to give a quick summary of the effect of FY17 operating results, strategic investments and capital expenditures on cash. The total column may be most helpful. Table 2. Cash Forecast - Preliminary Comparison of Actual 06/30/16 to Forecast 06/30/17 Operating Restricted Strategic Investments Capital Projects Reserves Total Cash at 06/30/2016 $ 24.5 $ 1.1 $ 1.1 $ (1.6) $ 21.8 $ 46.9 FY17 Transfers Strategic Investments (1.2) (2.4) - Capital Projects/Small Equipment (4.2) (1.9) - Perkins UNC Portion 0.1 (0.1) - - Fiscal Year End Transfers (4.6) Subtotal Transfers (9.9) (0.1) FY17 Forecasted Net Cash Inflows (Outflows) Operating Results FY (0.4) Receivables and Sale of Assets Energy Performance Contract Strategic Investments - - (3.6) - - (3.6) Foundation Capital Gifts (3.2) Capital Cash State & Debt Capital Projects/Small Equipment (40.1) - (40.1) Subtotal Inflows (Outflows) 5.5 (0.4) (3.6) (1.9) Cash Forecast at 06/30/2017 (a) (b) $ 20.1 $ 0.6 $ 1.1 $ 2.8 $ 28.6 $ 53.2 (a) UNC's cash low point at August 15 th is typically $20-$25 million less than cash at June 30 th. (b) This forecast assumes $8.7 million of bond proceeds w ill be expended on the Campus Commons in FY17. The year-end annual report w ill include $18.6 million of unexpended Campus Commons bond proceeds in Cash and Cash Equivalents in addition to this forecast. Page 3

4 CASH RESERVES Our cash reserves, which is cash that is segregated from our operating, strategic investment and capital balances, provide a cushion for operational contingencies and more significant risks. The University Reserve is declining as we continue to make strategic investments and fund capital projects. Table 3. Cash Reserves Summary at March 31, 2017 FY17 Q3 12/31/2016 Activity 03/31/2017 Mandatory Bonded R&R $ 750,000 $ - $ 750,000 Capital Student Fees 4,468,912 a (47,450) 4,421,462 Other Capital Reserves 949, ,484 Other Risk Management and Insurance 2,650,000-2,650,000 University Reserve 8,115,918 b 6,335,068 14,450,986 Total Reserves $ 16,934,314 $ 6,287,618 $ 23,221,932 a. Opened 3 new LEAF projects. b. Proceeds from the sale of University Apartments less $250K transferred to Equipment fund for Housing furniture. Page 4

5 ACCOUNTS RECEIVABLE Table 4 and Figure 3 show that the FY17 3 rd quarter balance in student accounts receivable is $1.5 million more than the previous year. The first quarter FY15 accounts receivable balance was high in comparison to FY16 because $7.6 million in COF stipend payments was received from the State in the second quarter of FY15. Net Student Accounts Receivable includes the accounting estimate for uncollectible accounts or bad debt. Table 4. Student Accounts Receivable (Net) FY15 FY16 FY17 Q1 - Sep 30 $ 22,770,004 $ 16,299,215 $ 15,904,277 Q2 - Dec 31 $ 4,376,132 $ 4,598,349 $ 4,791,141 Q3 - Mar 31 $ 6,571,233 $ 6,811,815 $ 8,322,159 Q4 - Jun 30 $ 6,120,889 $ 6,212,773 $ - Figure 3. Student Accounts Receivable (Net) Table 5 represents accounts receivable as a percentage of tuition, fees and room and board revenue at fiscal year-end. Table 5. Year-end Student Accounts Receivable as a Percent of Billings FY12 FY13 FY14 FY15 FY16 Total Student Accounts Receivable $ 6,377,234 $ 7,212,570 $ 6,435,476 $ 6,120,899 $ 6,212,773 Net Tuition, Fees, Room and Board $114,064,188 $116,054,460 $114,489,682 $111,033,128 $116,043,009 A/R as a % of Net Tuition, Fees & Room and Board 5.6% 6.2% 5.6% 5.5% 5.4% Page 5

6 OPERATING BUDGET Original Annual Forecast % of Total Variance fav (unfav) Actual at 03/31/2017 % Actual to Notes REVENUES Tuition-Undergraduate Main Campus 2 $ 72,513,545 $ 73,001, % $ 487,494 $ 68,094, % Tuition-Graduate Main Campus 2 17,235,129 15,329, % (1,905,460) 13,158, % Tuition-Undergraduate Extended Campus 3 4,033,044 4,219, % 186,851 2,997, % Tuition-Graduate Extended Campus 3 12,672,075 15,064, % 2,392,523 10,492, % Student Fees 2 14,106,017 13,737, % (368,817) 12,351, % Academic Fees-General Funds 2 5,914,143 5,989, % 75,157 5,472, % Academic Fees - Extended Campus 3 112, , % - 79, % Room and Board 4 33,184,468 33,337, % 153,110 32,832, % Subtotal Tuition, Fees and Room & Board 159,770, ,791, % 1,020, ,479, % Scholarships (includes Foundation) 5 (26,419,846) (28,247,675) -14.5% (1,827,829) (27,483,566) 104.0% Graduate GA/TA Waivers 5 (4,374,999) (4,854,500) -2.5% (479,501) (4,774,348) 109.1% R & B Waivers 5 (1,200,000) (1,122,000) -0.6% 78,000 (1,062,757) 88.6% Subtotal Discounting (31,994,845) (34,224,175) -17.6% (2,229,330) (33,320,671) 104.1% COF Resident 6 15,440,878 15,018, % (422,146) 14,173, % Fee For Service 6 23,597,356 24,094, % 497,146 17,754, % Subtotal State Support 39,038,234 39,113, % 75,000 31,928, % Foundation Restricted Gifts for Operations 7 3,532,695 2,756, % (775,919) 1,919, % Foundation Restricted Capital Gifts 7 3,045,000 3,192, % 147,498 67, % Foundation Restricted Scholarships 7 4,281,972 4,195, % (86,967) 3,896, % Foundation Unrestricted (design. for scholarships) 7 1,200,000 1,550, % 350,000 1,162, % Subtotal Foundation Support 12,059,667 11,694, % (365,388) 7,045, % Other Auxiliary Services 8 7,084,326 7,001, % (82,726) 5,400, % Restricted Grant Facilities/Admin Recovery 8 541, , % 19, , % Other Revenue 8 7,815,524 8,092, % 276,518 6,445, % Net Non-Operating Revenues 8 1,399,304 1,558, % 158, , % Subtotal Other Revenue 16,840,154 17,211, % 371,637 13,278, % NET REVENUES $195,713,631 $194,586, % $ (1,127,223) $ 164,410, % EXPENDITURES AND DEBT PAYMENTS Faculty Salaries 9 $ 44,172,081 $ 43,926, % $ 246,081 $ 34,289, % Exempt Salaries 9 28,012,007 29,363, % (1,350,993) 21,883, % Classified Salaries 9 18,877,720 19,270, % (392,280) 14,476, % Graduate Stipends 9 4,721,547 5,590, % (868,953) 4,363, % Student and Other Wages 9 5,956,084 5,510, % 446,084 4,034, % Fringe Benefits 9 29,162,528 29,200, % (37,472) 21,847, % Subtotal Personnel Expenses 130,901, ,859, % (1,957,533) 100,895, % Cost of Sales 10 5,035,331 4,824, % 211,101 3,970, % Other Current Expenses 10 11,428,547 11,916, % (487,638) 9,784, % Purchased Services 10 10,174,048 10,685, % (511,766) 7,608, % Supplies 10 6,651,995 6,030, % 621,314 3,831, % Cost Allocation and Recoveries 10 (1,137,258) (988,786) -0.5% (148,472) (646,829) 56.9% Utilities 10 6,548,703 5,591, % 956,785 4,225, % Travel 10 4,442,050 4,633, % (191,063) 3,489, % Capital 10 2,392,946 2,441, % (48,640) 1,992, % Subtotal Non-personnel Expenses 45,536,362 45,134, % 401,621 34,254, % Debt Service on Bonds 11 10,940,531 10,079, % 861,070 7,034, % Capital Lease Payment 11 1,902,989 1,898, % 4,939 1,484, % Subtotal Debt Payments 12,843,520 11,977, % 866,009 8,518, % TOTAL EXPENDITURES AND DEBT PAYMENTS $189,281,849 $189,971, % $ (689,903) $ 143,668, % OPERATING RESULTS $ 6,431,782 $ 4,614,656 $ 20,741,982 Transfer to Capital - Foundation 3,045,000 3,192,498 82,785 Transfer to Capital - Equipment 12,000 12,000 12,000 Transfer to Capital - Student Capital Fee 11 2,682,660 3,616,471 2,682,660 OPERATING RESULTS LESS TRANSFERS $ 692,122 $ (2,206,313) See Explanation of Notes on page 7. For the Quarter Ended March 31, Page 6

7 Notes to First Quarter to Forecast Report (page 6) This report includes operating funds and restricted gift funds from the UNC Foundation. This report does not include strategic investments, internal sales, capital projects, restricted grants and contracts, or restricted financial aid. Main campus tuition and fees are 55.5% of the forecasted net operating revenue and are expected to be $1.7 million under budget for FY17. Based on spring census forecast, undergraduate main campus credit hours are forecasted to be 0.3% below budgeted credit hours. Graduate main campus credit hours are forecasted to be 16.1% below budgeted credit hours. Extended Campus tuition and fees are 10.0% of forecasted net operating revenue and are expected to be $2.6 million over budget for FY17. Room and Board revenues represent 17.1% of forecasted net operating revenue and are expected to be $0.2 million over budget for FY17. Discounting includes scholarship expense, graduate tuition waivers and room and board waivers. Total discounting is projected to be $2.2 million more than budget, primarily due to undergraduate need-based awards and undergraduate merit awards exceeding budgeted amounts. State support is 20.1% of forecasted net operating revenue. UNC s Fee-For- Service revenue increased by $75,000 for the pilot program for inclusive higher education for persons with intellectual and developmental disabilities. Support from the UNC Foundation consists of gifts that are restricted for program support, capital, or scholarships. UNC also has an agreement with the Foundation to receive $1.6 million in unrestricted support, which funds institutional scholarships. Total Foundation support in the operating budget is forecasted at $11.7 million, or 6.0% of forecasted net operating revenue. Other sources of revenue comprise 8.9% of forecasted net operating revenue and come from parking, retail sales, athletics events, vending machines, licensing, theatre, grant administrative revenue, late fees and treasury interest. The forecast for these revenues is $0.4 million more than budgeted revenues. Personnel expenditures are 69.9% of total expenditures. Personnel expenditures are $2.0 million above budget due to adjustments in anticipation of overtime law changes, a shift in staff from the Foundation, and lower than budgeted savings from vacant positions. Non-personnel expenditures are 23.8% of total expenditures. The FY17 forecast shows a $0.4 million positive variance to the overall budget for these categories. This includes a $1.0 million surplus in utilities. Natural gas prices have been lower than what was originally budgeted, but have been trending upward in the past few months. Debt service and capital leases are 6.3% of total expenditures. Campus Commons debt service, which is paid from the student capital fee, was budgeted at $1.6 million. The bonds were issued in November 2017 and the FY17 debt service will be only $0.6 million. Therefore, the student fees of $1.0 million that were not needed to pay bond debt in FY17 will be transferred to capital reserves for future capital projects. Page 7

8 RESIDENT AND NON-RESIDENT TUITION DETAIL Forecast Variance at 03/31/2017 Undergrad Fall Interim Spring Summer Total Fall Interim Spring Summer Total Total Resident $ 25,778,670 $ 398,999 $ 23,027,380 $ 3,278,491 $ 52,483,540 $ 25,847,936 $ 368,703 $ 23,162,872 $ 3,267,204 $ 52,646,715 $ 163,175 Non-Resident 5,244,529 57,342 4,715, ,002 10,806,499 5,201,530 72,322 4,624, ,233 10,719,723 (86,776) WUE 4,476,877 55,769 4,090, ,961 9,223,506 4,647,207 58,072 4,234, ,862 9,634, ,095 Subtotal 35,500, ,110 31,833,905 4,667,454 72,513,545 35,696, ,097 32,021,970 4,783,299 73,001, ,494 Extended Campus 1,614,176 53,535 1,192,695 1,172,638 4,033,044 1,657,540 98,074 1,171,292 1,292,989 4,219, ,851 FY17 Total $ 37,114,252 $ 565,645 $ 33,026,600 $ 5,840,092 $ 76,546,589 $ 37,354,213 $ 597,171 $ 33,193,262 $ 6,076,288 $ 77,220,934 $ 674,345 Graduate Fall Interim Spring Summer Total Fall Interim Spring Summer Total Total Resident $ 5,185,678 $ - $ 4,820,137 $ 2,036,791 $ 12,042,606 $ 4,185,534 $ - $ 3,994,415 $ 1,283,907 $ 9,463,856 $ (2,578,750) Non-Resident 2,472,610-2,176, ,073 5,192,523 2,794,679-2,580, ,454 5,865, ,290 Subtotal 7,658,288-6,996,977 2,579,864 17,235,129 6,980,213-6,575,095 1,774,361 15,329,669 (1,905,460) Extended Campus 4,852,800-4,200,005 3,619,270 12,672,075 5,332,866-5,180,000 4,551,732 15,064,598 2,392,523 FY17 Total $ 12,511,088 $ - $ 11,196,982 $ 6,199,134 $ 29,907,204 $ 12,313,079 $ - $ 11,755,095 $ 6,326,093 $ 30,394,267 $ 487,063 Total Fall Interim Spring Summer Total Fall Interim Spring Summer Total Total Resident $ 30,964,348 $ 398,999 $ 27,847,517 $ 5,315,282 $ 64,526,146 $ 30,033,470 $ 368,703 $ 27,157,287 $ 4,551,111 $ 62,110,571 $ (2,415,575) Non-Resident 7,717,139 57,342 6,892,466 1,332,075 15,999,022 7,996,209 72,322 7,205,318 1,311,687 16,585, ,514 WUE 4,476,877 55,769 4,090, ,961 9,223,506 4,647,207 58,072 4,234, ,862 9,634, ,095 Subtotal 43,158, ,110 38,830,882 7,247,318 89,748,674 42,676, ,097 38,597,065 6,557,660 88,330,708 (1,417,966) Extended Campus 6,466,976 53,535 5,392,700 4,791,908 16,705,119 6,990,406 98,074 6,351,292 5,844,721 19,284,493 2,579,374 FY17 Total $ 49,625,340 $ 565,645 $ 44,223,582 $ 12,039,226 $ 106,453,793 $ 49,667,292 $ 597,171 $ 44,948,357 $ 12,402,381 $ 107,615,201 $ 1,161,408 Page 8

9 STRATEGIC INVESTMENTS BUDGET For the Quarter Ended March 31, 2017 Strategic Investment Cash Unexpended balances committed to FY17 $ 1,069,277 Cash Transferred from University Reserve 2,412,403 Cash Transferred from Operating 800,000 Total Cash in Strategic Investments at July 1, 2016 $ 4,281,680 Accounts Payable from FY16 paid in FY17 (9,035) Accounts Payable in FY Prepaid Expenses 40,625 Cash transfers to/from non-strategic investment funds 164,908 Year to date FY17 expenditures (2,630,138) Cash in Strategic Investments at March 31, 2017 $ 1,848,246 Multiyear Commitments Total FY17 Community and Civic Engagement 170,000 Enrollment and Pricing 65,000 Actual Expenditures at 03/31/2017 Available Balance $ $ 129,569 $ 40,431 $ $ 62,861 $ 2,139 Integrated Student Support Plans Student Success Collaborative 160, ,125 (43,125) Student Food Insecurity Project 40,000 22,349 17,651 Subtotal Integrated Student Support Plans $ 200,000 $ 225,474 $ (25,474) Academic Portfolio Accreditation 150, ,160 9,840 Program Review & Assessment 35,000 16,672 18,328 Various Academic Portfolio 9,462-9,462 Subtotal Academic Portfolio $ 194,462 $ 156,832 $ 37,630 Research Scholarship and Creative Works Grant Match Funds 320, , ,686 Faculty Start-Up Packages 130, ,445 (86,445) Faculty Awards & Development 330, , ,568 Innovation Dev. & Enterprise Adv. (IDEA) 150,000 92,471 57,529 Math & Science Teaching Inst. (MAST) 121, ,500 UNC Cancer Rehabilitation Institute 163, ,311 14,189 RSCW Faculty Reassign Program 84,000 3,661 80,339 Education Innovation Institute 120,000 64,356 55,644 Unrestricted Research Incentive 670, , ,509 Subtotal Research Scholarship and Creative Works $ 2,089,867 $ 1,229,346 $ 860,521 Total Core Plan Investments $ 2,719,329 $ 1,804,082 $ 915,247 Support Plan Investments Information Management Plan 750, , ,650 Total Support Plan Investments $ 750,000 $ 354,350 $ 395,650 Other Strategic Investments I@UNC 300,000 48, ,064 Emergency Management 50,000-50,000 Compensation Identity - 6,000 (6,000) Emerging University Priorities 125,000 80,896 44,104 Innovation - Online Course Development 450, , ,126 Total Other Strategic Investments $ 925,000 $ 471,706 $ 453,294 Grand Total $ 4,394,329 $ 2,630,138 $ 1,764,191 Page 9

10 CAPITAL PROJECTS For the Quarter Ended March 31, 2017 Board Approved June, 2016 Commited Projects at 03/31/2017 Expended FY17 Remaining To be Expended FY17 To be Expended FY18 A. Fiscal Year New Projects (1) (2) General Fund FY17 projects with budgets less than $200,000 $ 1,540,085 $ 1,448,202 $ 797,147 $ 340,828 $ 310,227 Campus-wide wireless technology upgrades-phase III 675, ,000 24, ,467 - Parsons roof replacement 575, ,000 3, , ,500 Subtotal General Funded Projects 2,790,085 2,698, ,061 1,390, ,727 Housing, Dining, Extended Studies, Student Fees FY17 projects with budgets less than $200, , , , , ,000 Lawrenson carpet replacement Phase I ($375K total) 200, ,707 9,847 99,860 90,000 Harrison roof replacement 800, ,000 25, , ,000 UC roof replacement lobby area 2 360, ,000 1, , ,000 Parking Lot "L" reconstruction lower level 500, , ,000 Subtotal Auxiliary and Other Funded Projects 2,256,300 2,466, ,945 1,087,516 1,173,000 Restricted Capital Grants/Gifts Replace softball scoreboard 25,000 24,998 24, Subtotal Restricted Capital Grants/Gifts 25,000 24,998 24, State Capital Appropriations Fire sprinkler upgrade-mckee 996, ,364 5, ,131 Fire sprinklers Phase III of III 1,126,460 1,126,460 5,537-1,120,923 Campus-wide wireless technology upgrades 2,412,750 2,412,750 2,349,830 62,920 - Subtotal State Capital Appropriations 4,535,574 4,535,574 2,360,600 62,920 2,112,054 Equipment 768,166 1,003, , ,654 50,000 Campus Commons (multi-year) (3) State Capital Appropriation and Debt Funding 61,600,000 65,346,200 5,351,089 17,809,434 38,598,028 Capital Gifts from Foundation and Bridge Funding 12,000,000 8,253,800 62,785 3,049,715 3,515,815 Subtotal Campus Commons (multi-year) 73,600,000 73,600,000 5,413,874 20,859,149 42,113,843 Total Fiscal Year New Projects $ 83,975,125 $ 84,328,541 $ 9,584,130 $ 23,599,653 $ 45,931,624 B. Fiscal Year Projects in Progress General Fund FY16 projects with budgets less than $200,000 $ 409,368 $ 481,954 $ 159,743 $ 177,783 $ 144,428 Carter Hall window replacements 102,000 56,952 56, Sidewalk repairs 71,000 88,525 34,903 10,000 43,622 Annual office refresh program 41,000 82,976 24,028 58,948 - Subtotal General Funded Projects 623, , , , ,050 Housing, Dining, Extended Studies, Student Fees FY16 projects with budgets less than $200,000 49, ,383 45, ,976 87,768 Seal coat multiple parking lots 55,987 55,774 5,327 50,447 - Residence halls carpet and paint 412, ,637 72, , ,000 Subtotal Auxiliary and Other Funded Projects 517, , , , ,768 Debt Funded Capital Projects Energy Performance Contract 8,850,000 4,805,723 3,661, , ,364 Subtotal Restricted Capital Grants/Gifts 8,850,000 4,805,723 3,661, , ,364 State Capital Appropriations Fire sprinklers Phase I of III 63, Fire sprinklers Phase II of III 316, , , ,000 87,355 Roofs for Nottingham, Patton, Gunter, and Parsons - 478, , Subtotal State Capital Appropriations 379,842 1,166, , ,000 87,355 Equipment 50, ,662 48,015 52,647 - Total Fiscal Year Projects in Progress $ 10,421,115 $ 7,545,516 $ 4,858,727 $ 1,738,252 $ 948,537 C. Fiscal Year Projects Expended Before 06/30/17 $ - $ 289,838 $ - $ 289,838 $ - Total Capital Projects $ 94,396,240 $ 92,163,895 $ 14,442,857 $ 25,627,743 $ 46,880,161 (1) Board Approved includes (A) new FY17 project commitments and (B) estimated remaining expenditures on FY16 projects. (2) Committed projects at 03/31/2017 includes (A) new FY17 projects commitments +/- project changes (B) actual remaining commitments to complete FY16 projects at 03/31/2017 and (C) early start FY18 projects. (3) $2.6 million of Campus Commons w as expended in FY16; $2.6 million of the Campus Commons w ill be completed in FY19. Page 10

11 RESTRICTED GRANTS AND CONTRACTS to Actual For the Quarter Ended March 31, 2017 Original Actual at 03/31/2017 REVENUE Federal Grants $ 4,960,000 $ 3,934,780 State and Local Grants 250, ,850 Other Private Grants 60,000 86,584 UNC Foundation Grants 440, ,227 TOTAL REVENUE $ 5,710,000 $ 4,650,441 EXPENSES/TRANSFERS Personnel Expenses Faculty Salaries $ 820,000 $ 773,323 Administrative Exempt Salaries 1,140, ,979 Graduate Teaching Assistants 110, ,036 GA/TA/GRA Tuition Scholarships 47,000 45,944 Classified Salaries 4,000 6,463 Student Wages 130, ,623 Other Wages/Compensations 105,000 56,904 Fringe Benefits 570, ,855 Subtotal Personnel Expenses $ 2,926,000 $ 2,428,127 Non-Personnel Expenses Other Current Expenses $ 240,000 $ 209,536 Purchased Services 710, ,381 Supplies 170, ,425 Cost Allocation & Utilities - 10,450 Grant Facility and Administrative Recovery 394, ,312 Scholarships 990, ,324 Travel 160, ,300 Capital 120, Subtotal Non-Personnel Expenses $ 2,784,000 $ 2,206,972 TOTAL EXPENSES/TRANSFERS $ 5,710,000 $ 4,635,099 REVENUE LESS EXPENSES/TRANSFERS $ - $ 15,342 Page 11

12 FINANCIAL AID Table 6 and Figure 4 show the total financial aid available to students from all funding sources, including state, federal, institutional, private funds and loans. Table 6 includes the total financial aid expected and financial aid paid-to-date, while Figure 4 shows the allocation of financial aid by source paid-to-date. Approximately 70% of total financial aid is used to pay student bills, while 30% is refunded to the students for living expenses and books. Table 6. FY17 Total Financial Aid by Source and Type - Undergraduate and Graduate Aid Type and Source FY17 Actual at 03/31/2017 Grants & Scholarships State $ 5,711,646 $ 6,159,291 Federal 14,167,712 13,616,819 Institutional 27,712,873 29,408,665 UNC Foundation 4,281,972 3,912,005 Private 6,422,988 6,117,045 Subtotal Grants & Scholarships $ 58,297,191 $ 59,213,825 Loans - All Sources $ 78,281,000 $ 73,094,308 Total Financial Aid $ 136,578,191 $ 132,308,133 Figure 4. FY17 Total Financial Aid at 03/31/2017 ($132.3 million) Page 12

13 FOUNDATION SUPPORT EXPENDED* FY17 FY17 Forecast Variance Restricted Program Support Athletics $ 482,425 $ 400,000 $ (82,425) Provost 112, ,000 (12,331) Library 364, ,000 (164,010) EBS 202, ,000 (2,150) HSS 300, ,000 (140,663) MCB 873, ,000 (248,001) NHS 355, ,000 (255,439) PVA 161, ,000 38,500 Stryker Institute 273, ,676 - Tointon Institute 260, ,000 68,000 Other 147, ,100 22,600 Total Restricted Program Support $ 3,532,695 $ 2,756,776 $ (775,919) Scholarships Institutional Scholarship Support $ 1,200,000 $ 1,550,000 $ 350,000 Restricted Scholarships Named and Endowed Scholarships 3,500,000 3,581,693 81,693 Athletics Scholarships 498, ,312 (168,660) Greeley Promise & Other Scholarships 283, ,000 - Total Scholarship Support $ 5,481,972 $ 5,745,005 $ 263,033 Capital Support Campus Commons $ 3,000,000 $ 3,112,500 $ 112,500 Athletics Softball Scoreboard 25,000 24,998 (2) Athletics Softball Backstop - 35,000 35,000 PVA Gray Hall 20,000 20,000 - Total Capital Support $ 3,045,000 $ 3,192,498 $ 147,498 Grants Daniels Fund $ 200,000 $ 185,000 $ (15,000) Frontiers of Science 160, ,000 - Grants under $100,000 80, ,000 95,000 Total Grants Support $ 440,000 $ 520,000 $ 80,000 Total Foundation Support $ 12,499,667 $ 12,214,279 $ (285,388) *Reflects the forecast for funds that will be transferred to UNC and used in the current year. It does not reflect funds raised. Page 13